WEBVTT 00:00:00.080 --> 00:00:07.006 President Obama: Mr. Speaker, Mr. Vice President, members of Congress, 00:00:07.006 --> 00:00:13.023 and fellow Americans: Tonight we meet at an urgent time 00:00:13.023 --> 00:00:15.050 for our country. 00:00:15.050 --> 00:00:19.093 We continue to face an economic crisis that has left millions of 00:00:19.093 --> 00:00:24.010 our neighbors jobless, and a political crisis that's made 00:00:24.010 --> 00:00:27.006 things worse. 00:00:27.006 --> 00:00:29.003 This past week, reporters have been asking, 00:00:29.003 --> 00:00:33.006 "What will this speech mean for the President? 00:00:33.006 --> 00:00:35.070 What will it mean for Congress? 00:00:35.070 --> 00:00:41.000 How will it affect their polls, and the next election?" 00:00:41.000 --> 00:00:45.036 But the millions of Americans who are watching right now, 00:00:45.036 --> 00:00:48.029 they don't care about politics. 00:00:48.029 --> 00:00:51.056 They have real-life concerns. 00:00:51.056 --> 00:00:55.039 Many have spent months looking for work. 00:00:55.039 --> 00:00:58.053 Others are doing their best just to scrape by -- giving up nights 00:00:58.053 --> 00:01:02.086 out with the family to save on gas or make the mortgage; 00:01:02.086 --> 00:01:07.079 postponing retirement to send a kid to college. 00:01:07.079 --> 00:01:12.009 These men and women grew up with faith in an America where hard 00:01:12.009 --> 00:01:16.079 work and responsibility paid off. 00:01:16.079 --> 00:01:20.033 They believed in a country where everyone gets a fair shake and 00:01:20.033 --> 00:01:25.076 does their fair share -- where if you stepped up, did your job, 00:01:25.076 --> 00:01:29.020 and were loyal to your company, that loyalty would be rewarded 00:01:29.020 --> 00:01:32.016 with a decent salary and good benefits; 00:01:32.016 --> 00:01:35.020 maybe a raise once in a while. 00:01:35.020 --> 00:01:38.026 If you did the right thing, you could make it. 00:01:38.026 --> 00:01:41.086 Anybody could make it in America. 00:01:41.086 --> 00:01:48.056 For decades now, Americans have watched that compact erode. 00:01:48.056 --> 00:01:53.016 They have seen the decks too often stacked against them. 00:01:53.016 --> 00:01:55.093 And they know that Washington has not always put their 00:01:55.093 --> 00:01:59.040 interests first. 00:01:59.040 --> 00:02:01.006 The people of this country work hard 00:02:01.006 --> 00:02:03.096 to meet their responsibilities. 00:02:03.096 --> 00:02:09.013 The question tonight is whether we'll meet ours. 00:02:09.013 --> 00:02:12.033 The question is whether, in the face of an ongoing national 00:02:12.033 --> 00:02:16.016 crisis, we can stop the political circus and actually 00:02:16.016 --> 00:02:18.003 do something to help the economy. 00:02:18.003 --> 00:02:35.026 (applause) 00:02:35.026 --> 00:02:38.093 The question -- the question is whether we can restore some 00:02:38.093 --> 00:02:43.059 of the fairness and security that has defined this nation 00:02:43.059 --> 00:02:46.056 since our beginning. 00:02:46.056 --> 00:02:51.003 Those of us here tonight can't solve all our nation's woes. 00:02:51.003 --> 00:02:54.076 Ultimately, our recovery will be driven not by Washington, 00:02:54.076 --> 00:02:58.040 but by our businesses and our workers. 00:02:58.040 --> 00:03:01.023 But we can help. 00:03:01.023 --> 00:03:03.063 We can make a difference. 00:03:03.063 --> 00:03:06.080 There are steps we can take right now to improve 00:03:06.080 --> 00:03:10.030 people's lives. 00:03:10.030 --> 00:03:13.033 I am sending this Congress a plan that you should pass 00:03:13.033 --> 00:03:15.083 right away. 00:03:15.083 --> 00:03:18.073 It's called the American Jobs Act. 00:03:18.073 --> 00:03:21.016 There should be nothing controversial about this 00:03:21.016 --> 00:03:22.073 piece of legislation. 00:03:22.073 --> 00:03:25.053 Everything in here is the kind of proposal that's been 00:03:25.053 --> 00:03:29.059 supported by both Democrats and Republicans -- including 00:03:29.059 --> 00:03:32.036 many who sit here tonight. 00:03:32.036 --> 00:03:35.036 And everything in this bill will be paid for. 00:03:35.036 --> 00:03:36.026 Everything. 00:03:36.026 --> 00:03:45.016 (applause) 00:03:45.016 --> 00:03:49.053 The purpose of the American Jobs Act is simple: to put more 00:03:49.053 --> 00:03:52.093 people back to work and more money in the pockets of those 00:03:52.093 --> 00:03:54.066 who are working. 00:03:54.066 --> 00:03:56.083 It will create more jobs for construction workers, 00:03:56.083 --> 00:03:59.036 more jobs for teachers, more jobs for veterans, 00:03:59.036 --> 00:04:01.083 and more jobs for long-term unemployed. 00:04:01.083 --> 00:04:02.093 (applause) 00:04:02.093 --> 00:04:06.076 It will provide -- it will provide a tax break for 00:04:06.076 --> 00:04:09.096 companies who hire new workers, and it will cut payroll taxes in 00:04:09.096 --> 00:04:14.016 half for every working American and every small business. 00:04:14.016 --> 00:04:20.096 (applause) 00:04:20.096 --> 00:04:25.003 It will provide a jolt to an economy that has stalled, 00:04:25.003 --> 00:04:27.043 and give companies confidence that if they invest and if they 00:04:27.043 --> 00:04:31.053 hire, there will be customers for their products and services. 00:04:31.053 --> 00:04:34.030 You should pass this jobs plan right away. 00:04:34.030 --> 00:04:40.080 (applause) 00:04:40.080 --> 00:04:44.096 Everyone here knows that small businesses are where most new 00:04:44.096 --> 00:04:46.073 jobs begin. 00:04:46.073 --> 00:04:48.050 And you know that while corporate profits have come 00:04:48.050 --> 00:04:52.016 roaring back, smaller companies haven't. 00:04:52.016 --> 00:04:55.033 So for everyone who speaks so passionately about making life 00:04:55.033 --> 00:04:59.089 easier for "job creators," this plan is for you. 00:04:59.089 --> 00:05:00.030 (applause) 00:05:00.030 --> 00:05:04.030 Pass this jobs bill -- pass this jobs bill, 00:05:04.030 --> 00:05:07.073 and starting tomorrow, small businesses will get a tax cut 00:05:07.073 --> 00:05:11.053 if they hire new workers or if they raise workers' wages. 00:05:11.053 --> 00:05:14.076 Pass this jobs bill, and all small business owners will also 00:05:14.076 --> 00:05:17.096 see their payroll taxes cut in half next year. 00:05:17.096 --> 00:05:18.073 (applause) 00:05:18.073 --> 00:05:22.036 If you have 50 employees -- if you have 50 employees making an 00:05:22.036 --> 00:05:26.056 average salary, that's an $80,000 tax cut. 00:05:26.056 --> 00:05:28.083 And all businesses will be able to continue writing off the 00:05:28.083 --> 00:05:32.050 investments they make in 2012. 00:05:32.050 --> 00:05:35.080 It's not just Democrats who have supported this kind of proposal. 00:05:35.080 --> 00:05:39.013 Fifty House Republicans have proposed the same payroll tax 00:05:39.013 --> 00:05:40.093 cut that's in this plan. 00:05:40.093 --> 00:05:42.060 You should pass it right away. 00:05:42.060 --> 00:05:50.033 (applause) 00:05:50.033 --> 00:05:53.006 Pass this jobs bill, and we can put people to work 00:05:53.006 --> 00:05:55.050 rebuilding America. 00:05:55.050 --> 00:05:58.093 Everyone here knows we have badly decaying roads and bridges 00:05:58.093 --> 00:06:01.006 all over the country. 00:06:01.006 --> 00:06:03.036 Our highways are clogged with traffic. 00:06:03.036 --> 00:06:07.033 Our skies are the most congested in the world. 00:06:07.033 --> 00:06:09.069 It's an outrage. 00:06:09.069 --> 00:06:12.030 Building a world-class transportation system is 00:06:12.030 --> 00:06:15.043 part of what made us a economic superpower. 00:06:15.043 --> 00:06:17.086 And now we're going to sit back and watch China build newer 00:06:17.086 --> 00:06:20.036 airports and faster railroads? 00:06:20.036 --> 00:06:22.053 At a time when millions of unemployed construction 00:06:22.053 --> 00:06:25.003 workers could build them right here in America? 00:06:25.003 --> 00:06:44.046 (applause) 00:06:44.046 --> 00:06:48.006 There are private construction companies all across America 00:06:48.006 --> 00:06:51.000 just waiting to get to work. 00:06:51.000 --> 00:06:54.000 There's a bridge that needs repair between Ohio and Kentucky 00:06:54.000 --> 00:06:56.030 that's on one of the busiest trucking routes 00:06:56.030 --> 00:06:58.000 in North America. 00:06:58.000 --> 00:07:01.003 A public transit project in Houston that will help clear 00:07:01.003 --> 00:07:04.026 up one of the worst areas of traffic in the country. 00:07:04.026 --> 00:07:08.013 And there are schools throughout this country that desperately 00:07:08.013 --> 00:07:10.050 need renovating. 00:07:10.050 --> 00:07:13.066 How can we expect our kids to do their best in places that 00:07:13.066 --> 00:07:16.030 are literally falling apart? 00:07:16.030 --> 00:07:18.010 This is America. 00:07:18.010 --> 00:07:21.006 Every child deserves a great school -- and we can give it 00:07:21.006 --> 00:07:22.036 to them, if we act now. 00:07:22.036 --> 00:07:37.013 (applause) 00:07:37.013 --> 00:07:40.019 The American Jobs Act will repair and modernize at least 00:07:40.019 --> 00:07:42.053 35,000 schools. 00:07:42.053 --> 00:07:46.019 It will put people to work right now fixing roofs and windows, 00:07:46.019 --> 00:07:48.056 installing science labs and high-speed Internet 00:07:48.056 --> 00:07:51.069 in classrooms all across this country. 00:07:51.069 --> 00:07:54.043 It will rehabilitate homes and businesses in communities hit 00:07:54.043 --> 00:07:57.010 hardest by foreclosures. 00:07:57.010 --> 00:07:59.046 It will jumpstart thousands of transportation projects 00:07:59.046 --> 00:08:01.016 all across the country. 00:08:01.016 --> 00:08:04.036 And to make sure the money is properly spent, 00:08:04.036 --> 00:08:07.083 we're building on reforms we've already put in place. 00:08:07.083 --> 00:08:09.073 No more earmarks. 00:08:09.073 --> 00:08:11.086 No more boondoggles. 00:08:11.086 --> 00:08:14.043 No more bridges to nowhere. 00:08:14.043 --> 00:08:17.003 We're cutting the red tape that prevents some of these projects 00:08:17.003 --> 00:08:19.080 from getting started as quickly as possible. 00:08:19.080 --> 00:08:23.083 And we'll set up an independent fund to attract private dollars 00:08:23.083 --> 00:08:27.080 and issue loans based on two criteria: how badly a 00:08:27.080 --> 00:08:30.073 construction project is needed and how much good it will do 00:08:30.073 --> 00:08:31.073 for the economy. 00:08:31.073 --> 00:08:39.010 (applause) 00:08:39.010 --> 00:08:42.053 This idea came from a bill written by a Texas Republican 00:08:42.053 --> 00:08:45.079 and a Massachusetts Democrat. 00:08:45.079 --> 00:08:48.039 The idea for a big boost in construction is supported by 00:08:48.039 --> 00:08:51.063 America's largest business organization and America's 00:08:51.063 --> 00:08:54.023 largest labor organization. 00:08:54.023 --> 00:08:57.070 It's the kind of proposal that's been supported in the past by 00:08:57.070 --> 00:09:00.023 Democrats and Republicans alike. 00:09:00.023 --> 00:09:01.076 You should pass it right away. 00:09:01.076 --> 00:09:14.026 (applause) 00:09:14.026 --> 00:09:17.000 Pass this jobs bill, and thousands of teachers in 00:09:17.000 --> 00:09:20.000 every state will go back to work. 00:09:20.000 --> 00:09:22.029 These are the men and women charged with preparing our 00:09:22.029 --> 00:09:25.023 children for a world where the competition has never 00:09:25.023 --> 00:09:27.060 been tougher. 00:09:27.060 --> 00:09:29.070 But while they're adding teachers in places like South 00:09:29.070 --> 00:09:34.023 Korea, we're laying them off in droves. 00:09:34.023 --> 00:09:36.020 It's unfair to our kids. 00:09:36.020 --> 00:09:38.073 It undermines their future and ours. 00:09:38.073 --> 00:09:40.010 And it has to stop. 00:09:40.010 --> 00:09:43.046 Pass this bill, and put our teachers back in the classroom 00:09:43.046 --> 00:09:44.039 where they belong. 00:09:44.039 --> 00:09:58.050 (applause) 00:09:58.050 --> 00:10:01.056 Pass this jobs bill, and companies will get extra tax 00:10:01.056 --> 00:10:05.043 credits if they hire America's veterans. 00:10:05.043 --> 00:10:08.026 We ask these men and women to leave their careers, 00:10:08.026 --> 00:10:14.033 leave their families, risk their lives to fight for our country. 00:10:14.033 --> 00:10:17.056 The last thing they should have to do is fight for a job when 00:10:17.056 --> 00:10:18.073 they come home. 00:10:18.073 --> 00:10:38.060 (applause) 00:10:38.060 --> 00:10:41.066 Pass this bill, and hundreds of thousands of disadvantaged young 00:10:41.066 --> 00:10:44.043 people will have the hope and the dignity of a summer 00:10:44.043 --> 00:10:46.013 job next year. 00:10:46.013 --> 00:10:46.076 And their parents -- 00:10:46.076 --> 00:10:48.073 (applause) 00:10:48.073 --> 00:10:51.046 -- their parents, low-income Americans who desperately want 00:10:51.046 --> 00:10:55.086 to work, will have more ladders out of poverty. 00:10:55.086 --> 00:10:59.000 Pass this jobs bill, and companies will get a $4,000 00:10:59.000 --> 00:11:01.079 tax credit if they hire anyone who has spent more 00:11:01.079 --> 00:11:03.070 than six months looking for a job. 00:11:03.070 --> 00:11:10.096 (applause) 00:11:10.096 --> 00:11:14.000 We have to do more to help the long-term unemployed in their 00:11:14.000 --> 00:11:15.076 search for work. 00:11:15.076 --> 00:11:18.053 This jobs plan builds on a program in Georgia that several 00:11:18.053 --> 00:11:20.060 Republican leaders have highlighted, 00:11:20.060 --> 00:11:22.046 where people who collect unemployment insurance 00:11:22.046 --> 00:11:26.039 participate in temporary work as a way to build their skills 00:11:26.039 --> 00:11:28.073 while they look for a permanent job. 00:11:28.073 --> 00:11:30.056 The plan also extends unemployment insurance 00:11:30.056 --> 00:11:31.089 for another year. 00:11:31.089 --> 00:11:32.063 (applause) 00:11:32.063 --> 00:11:36.073 If the millions of unemployed Americans stopped getting this 00:11:36.073 --> 00:11:39.036 insurance, and stopped using that money for basic 00:11:39.036 --> 00:11:41.050 necessities, it would be a devastating blow 00:11:41.050 --> 00:11:43.003 to this economy. 00:11:43.003 --> 00:11:45.086 Democrats and Republicans in this chamber have supported 00:11:45.086 --> 00:11:48.060 unemployment insurance plenty of times in the past. 00:11:48.060 --> 00:11:51.003 And in this time of prolonged hardship, 00:11:51.003 --> 00:11:52.083 you should pass it again -- right away. 00:11:52.083 --> 00:11:59.036 (applause) 00:11:59.036 --> 00:12:02.096 Pass this jobs bill, and the typical working family will 00:12:02.096 --> 00:12:06.063 get a $1,500 tax cut next year. 00:12:06.063 --> 00:12:09.073 Fifteen hundred dollars that would have been taken out of 00:12:09.073 --> 00:12:14.020 your pocket will go into your pocket. 00:12:14.020 --> 00:12:16.083 This expands on the tax cut that Democrats and Republicans 00:12:16.083 --> 00:12:19.076 already passed for this year. 00:12:19.076 --> 00:12:23.093 If we allow that tax cut to expire -- if we refuse to act -- 00:12:23.093 --> 00:12:27.023 middle-class families will get hit with a tax increase at the 00:12:27.023 --> 00:12:29.010 worst possible time. 00:12:29.010 --> 00:12:31.016 We can't let that happen. 00:12:31.016 --> 00:12:34.033 I know that some of you have sworn oaths to never raise any 00:12:34.033 --> 00:12:37.046 taxes on anyone for as long as you live. 00:12:37.046 --> 00:12:40.033 Now is not the time to carve out an exception and raise 00:12:40.033 --> 00:12:42.083 middle-class taxes, which is why you should pass this 00:12:42.083 --> 00:12:43.076 bill right away. 00:12:43.076 --> 00:12:57.086 (applause) 00:12:57.086 --> 00:13:00.056 This is the American Jobs Act. 00:13:00.056 --> 00:13:03.006 It will lead to new jobs for construction workers, 00:13:03.006 --> 00:13:05.063 for teachers, for veterans, for first responders, 00:13:05.063 --> 00:13:08.089 young people and the long-term unemployed. 00:13:08.089 --> 00:13:11.043 It will provide tax credits to companies that hire new workers, 00:13:11.043 --> 00:13:13.060 tax relief to small business owners, 00:13:13.060 --> 00:13:16.043 and tax cuts for the middle class. 00:13:16.043 --> 00:13:18.039 And here's the other thing I want the American people to 00:13:18.039 --> 00:13:21.083 know: The American Jobs Act will not add to the deficit. 00:13:21.083 --> 00:13:23.026 It will be paid for. 00:13:23.026 --> 00:13:24.023 And here's how. 00:13:24.023 --> 00:13:27.006 (applause) 00:13:27.006 --> 00:13:31.026 The agreement we passed in July will cut government spending by 00:13:31.026 --> 00:13:34.053 about $1 trillion over the next 10 years. 00:13:34.053 --> 00:13:37.006 It also charges this Congress to come up with an additional 00:13:37.006 --> 00:13:41.039 $1.5 trillion in savings by Christmas. 00:13:41.039 --> 00:13:44.003 Tonight, I am asking you to increase that amount so that 00:13:44.003 --> 00:13:46.070 it covers the full cost of the American Jobs Act. 00:13:46.070 --> 00:13:50.006 And a week from Monday, I'll be releasing a more ambitious 00:13:50.006 --> 00:13:53.013 deficit plan -- a plan that will not only cover the cost of this 00:13:53.013 --> 00:13:57.006 jobs bill, but stabilize our debt in the long run. 00:13:57.006 --> 00:14:06.003 (applause) 00:14:06.003 --> 00:14:08.000 This approach is basically the one I've been advocating 00:14:08.000 --> 00:14:10.016 for months. 00:14:10.016 --> 00:14:12.053 In addition to the trillion dollars of spending cuts I've 00:14:12.053 --> 00:14:16.053 already signed into law, it's a balanced plan that would reduce 00:14:16.053 --> 00:14:19.086 the deficit by making additional spending cuts, 00:14:19.086 --> 00:14:22.079 by making modest adjustments to health care programs like 00:14:22.079 --> 00:14:26.043 Medicare and Medicaid, and by reforming our tax code in a way 00:14:26.043 --> 00:14:29.033 that asks the wealthiest Americans and biggest 00:14:29.033 --> 00:14:31.093 corporations to pay their fair share. 00:14:31.093 --> 00:14:39.039 (applause) 00:14:39.039 --> 00:14:41.093 What's more, the spending cuts wouldn't happen so abruptly that 00:14:41.093 --> 00:14:45.003 they'd be a drag on our economy, or prevent us from helping small 00:14:45.003 --> 00:14:47.060 businesses and middle-class families get back on their 00:14:47.060 --> 00:14:50.026 feet right away. 00:14:50.026 --> 00:14:52.060 Now, I realize there are some in my party who don't think we 00:14:52.060 --> 00:14:55.076 should make any changes at all to Medicare and Medicaid, 00:14:55.076 --> 00:14:58.053 and I understand their concerns. 00:14:58.053 --> 00:15:02.083 But here's the truth: Millions of Americans rely on Medicare 00:15:02.083 --> 00:15:04.046 in their retirement. 00:15:04.046 --> 00:15:07.039 And millions more will do so in the future. 00:15:07.039 --> 00:15:09.079 They pay for this benefit during their working years. 00:15:09.079 --> 00:15:11.063 They earn it. 00:15:11.063 --> 00:15:14.083 But with an aging population and rising health care costs, 00:15:14.083 --> 00:15:17.070 we are spending too fast to sustain the program. 00:15:17.070 --> 00:15:20.073 And if we don't gradually reform the system while protecting 00:15:20.073 --> 00:15:24.000 current beneficiaries, it won't be there when future 00:15:24.000 --> 00:15:26.020 retirees need it. 00:15:26.020 --> 00:15:28.053 We have to reform Medicare to strengthen it. 00:15:28.053 --> 00:15:46.023 (applause) 00:15:46.023 --> 00:15:48.023 I am also -- I'm also well aware that there are many Republicans 00:15:48.023 --> 00:15:50.086 who don't believe we should raise taxes on those who are 00:15:50.086 --> 00:15:54.023 most fortunate and can best afford it. 00:15:54.023 --> 00:15:58.066 But here is what every American knows: While most people in this 00:15:58.066 --> 00:16:01.063 country struggle to make ends meet, 00:16:01.063 --> 00:16:04.053 a few of the most affluent citizens and most profitable 00:16:04.053 --> 00:16:07.060 corporations enjoy tax breaks and loopholes that 00:16:07.060 --> 00:16:10.000 nobody else gets. 00:16:10.000 --> 00:16:12.060 Right now, Warren Buffett pays a lower tax rate than 00:16:12.060 --> 00:16:16.070 his secretary -- an outrage he has asked us to fix. 00:16:16.070 --> 00:16:18.020 (laughter) 00:16:18.020 --> 00:16:24.013 We need a tax code where everyone gets a fair shake 00:16:24.013 --> 00:16:25.093 and where everybody pays their fair share. 00:16:25.093 --> 00:16:39.073 (applause) 00:16:39.073 --> 00:16:42.013 And by the way, I believe the vast majority of wealthy 00:16:42.013 --> 00:16:45.053 Americans and CEOs are willing to do just that if it helps the 00:16:45.053 --> 00:16:49.063 economy grow and gets our fiscal house in order. 00:16:49.063 --> 00:16:52.060 I'll also offer ideas to reform a corporate tax code 00:16:52.060 --> 00:16:55.036 that stands as a monument to special interest 00:16:55.036 --> 00:16:56.086 influence in Washington. 00:16:56.086 --> 00:16:59.060 By eliminating pages of loopholes and deductions, 00:16:59.060 --> 00:17:02.003 we can lower one of the highest corporate tax 00:17:02.003 --> 00:17:03.010 rates in the world. 00:17:03.010 --> 00:17:03.076 (applause) 00:17:03.076 --> 00:17:06.043 Our tax code should not give an advantage to companies 00:17:06.043 --> 00:17:09.026 that can afford the best-connected lobbyists. 00:17:09.026 --> 00:17:11.076 It should give an advantage to companies that invest and create 00:17:11.076 --> 00:17:14.033 jobs right here in the United States of America. 00:17:14.033 --> 00:17:30.033 (applause) 00:17:30.033 --> 00:17:34.076 So we can reduce this deficit, pay down our debt, 00:17:34.076 --> 00:17:38.066 and pay for this jobs plan in the process. 00:17:38.066 --> 00:17:41.090 But in order to do this, we have to decide what 00:17:41.090 --> 00:17:44.043 our priorities are. 00:17:44.043 --> 00:17:47.059 We have to ask ourselves, "What's the best way to grow 00:17:47.059 --> 00:17:51.023 the economy and create jobs?" 00:17:51.023 --> 00:17:54.020 Should we keep tax loopholes for oil companies? 00:17:54.020 --> 00:17:56.076 Or should we use that money to give small business owners a tax 00:17:56.076 --> 00:17:59.026 credit when they hire new workers? 00:17:59.026 --> 00:18:03.009 Because we can't afford to do both. 00:18:03.009 --> 00:18:06.050 Should we keep tax breaks for millionaires and billionaires? 00:18:06.050 --> 00:18:09.083 Or should we put teachers back to work so our kids can graduate 00:18:09.083 --> 00:18:11.066 ready for college and good jobs? 00:18:11.066 --> 00:18:16.013 (applause) 00:18:16.013 --> 00:18:20.033 Right now, we can't afford to do both. 00:18:20.033 --> 00:18:22.093 This isn't political grandstanding. 00:18:22.093 --> 00:18:25.020 This isn't class warfare. 00:18:25.020 --> 00:18:26.073 This is simple math. 00:18:26.073 --> 00:18:28.086 (laughter) 00:18:28.086 --> 00:18:30.003 This is simple math. 00:18:30.003 --> 00:18:33.003 These are real choices. 00:18:33.003 --> 00:18:34.096 These are real choices that we've got to make. 00:18:34.096 --> 00:18:37.066 And I'm pretty sure I know what most Americans would choose. 00:18:37.066 --> 00:18:39.086 It's not even close. 00:18:39.086 --> 00:18:42.059 And it's time for us to do what's right for our future. 00:18:42.059 --> 00:18:50.079 (applause) 00:18:50.079 --> 00:18:54.009 Now, the American Jobs Act answers the urgent need to 00:18:54.009 --> 00:18:57.003 create jobs right away. 00:18:57.003 --> 00:18:59.050 But we can't stop there. 00:18:59.050 --> 00:19:02.040 As I've argued since I ran for this office, 00:19:02.040 --> 00:19:04.050 we have to look beyond the immediate crisis and start 00:19:04.050 --> 00:19:08.016 building an economy that lasts into the future -- 00:19:08.016 --> 00:19:11.033 an economy that creates good, middle-class jobs that pay well 00:19:11.033 --> 00:19:13.056 and offer security. 00:19:13.056 --> 00:19:16.006 We now live in a world where technology has made it possible 00:19:16.006 --> 00:19:19.070 for companies to take their business anywhere. 00:19:19.070 --> 00:19:23.056 If we want them to start here and stay here and hire here, 00:19:23.056 --> 00:19:26.096 we have to be able to out-build and out-educate and out-innovate 00:19:26.096 --> 00:19:28.029 every other country on Earth. 00:19:28.029 --> 00:19:36.020 (applause) 00:19:36.020 --> 00:19:39.036 And this task of making America more competitive for the long 00:19:39.036 --> 00:19:42.090 haul, that's a job for all of us. 00:19:42.090 --> 00:19:45.090 For government and for private companies. 00:19:45.090 --> 00:19:48.013 For states and for local communities -- and for 00:19:48.013 --> 00:19:50.096 every American citizen. 00:19:50.096 --> 00:19:53.086 All of us will have to up our game. 00:19:53.086 --> 00:19:58.023 All of us will have to change the way we do business. 00:19:58.023 --> 00:20:01.070 My administration can and will take some steps to improve our 00:20:01.070 --> 00:20:04.093 competitiveness on our own. 00:20:04.093 --> 00:20:07.040 For example, if you're a small business owner who has a 00:20:07.040 --> 00:20:09.020 contract with the federal government, 00:20:09.020 --> 00:20:11.056 we're going to make sure you get paid a lot faster 00:20:11.056 --> 00:20:12.059 than you do right now. 00:20:12.059 --> 00:20:18.033 (applause) 00:20:18.033 --> 00:20:21.009 We're also planning to cut away the red tape that prevents too 00:20:21.009 --> 00:20:24.023 many rapidly growing startup companies from raising capital 00:20:24.023 --> 00:20:25.059 and going public. 00:20:25.059 --> 00:20:27.096 And to help responsible homeowners, 00:20:27.096 --> 00:20:30.086 we're going to work with federal housing agencies to help more 00:20:30.086 --> 00:20:34.006 people refinance their mortgages at interest rates that are now 00:20:34.006 --> 00:20:35.086 near 4 percent. 00:20:35.086 --> 00:20:36.076 That's a step -- 00:20:36.076 --> 00:20:50.063 (applause) 00:20:50.063 --> 00:20:52.013 -- I know you guys must be for this, 00:20:52.013 --> 00:20:54.059 because that's a step that can put more than $2,000 00:20:54.059 --> 00:20:57.083 a year in a family's pocket, and give a lift to an economy 00:20:57.083 --> 00:21:02.076 still burdened by the drop in housing prices. 00:21:02.076 --> 00:21:05.033 So, some things we can do on our own. 00:21:05.033 --> 00:21:08.090 Other steps will require congressional action. 00:21:08.090 --> 00:21:11.033 Today you passed reform that will speed up the outdated 00:21:11.033 --> 00:21:13.090 patent process, so that entrepreneurs can turn a new 00:21:13.090 --> 00:21:17.026 idea into a new business as quickly as possible. 00:21:17.026 --> 00:21:19.063 That's the kind of action we need. 00:21:19.063 --> 00:21:23.070 Now it's time to clear the way for a series of trade agreements 00:21:23.070 --> 00:21:26.026 that would make it easier for American companies to sell their 00:21:26.026 --> 00:21:30.083 products in Panama and Colombia and South Korea -- while also 00:21:30.083 --> 00:21:33.050 helping the workers whose jobs have been affected by 00:21:33.050 --> 00:21:34.053 global competition. 00:21:34.053 --> 00:21:44.096 (applause) 00:21:44.096 --> 00:21:47.070 If Americans can buy Kias and Hyundais, 00:21:47.070 --> 00:21:50.079 I want to see folks in South Korea driving Fords and Chevys 00:21:50.079 --> 00:21:51.090 and Chryslers. 00:21:51.090 --> 00:21:52.079 (applause) 00:21:52.079 --> 00:21:56.046 I want to see more products sold around the world stamped with 00:21:56.046 --> 00:21:59.036 the three proud words: "Made in America." 00:21:59.036 --> 00:22:00.076 That's what we need to get done. 00:22:00.076 --> 00:22:13.086 (applause) 00:22:13.086 --> 00:22:18.026 And on all of our efforts to strengthen competitiveness, 00:22:18.026 --> 00:22:20.059 we need to look for ways to work side by side with 00:22:20.059 --> 00:22:22.059 America's businesses. 00:22:22.059 --> 00:22:24.076 That's why I've brought together a Jobs Council of leaders from 00:22:24.076 --> 00:22:27.063 different industries who are developing a wide range of new 00:22:27.063 --> 00:22:31.093 ideas to help companies grow and create jobs. 00:22:31.093 --> 00:22:33.090 Already, we've mobilized business leaders to train 00:22:33.090 --> 00:22:37.083 10,000 American engineers a year, by providing company 00:22:37.083 --> 00:22:40.026 internships and training. 00:22:40.026 --> 00:22:42.070 Other businesses are covering tuition for workers who learn 00:22:42.070 --> 00:22:44.073 new skills at community colleges. 00:22:44.073 --> 00:22:48.026 And we're going to make sure the next generation of manufacturing 00:22:48.026 --> 00:22:51.056 takes root not in China or Europe, but right here, 00:22:51.056 --> 00:22:52.076 in the United States of America. 00:22:52.076 --> 00:23:07.063 (applause) 00:23:07.063 --> 00:23:09.046 If we provide the right incentives, 00:23:09.046 --> 00:23:12.056 the right support -- and if we make sure our trading partners 00:23:12.056 --> 00:23:16.053 play by the rules -- we can be the ones to build everything 00:23:16.053 --> 00:23:19.059 from fuel-efficient cars to advanced biofuels to 00:23:19.059 --> 00:23:23.056 semiconductors that we sell all around the world. 00:23:23.056 --> 00:23:26.066 That's how America can be number one again. 00:23:26.066 --> 00:23:29.033 And that's how America will be number one again. 00:23:29.033 --> 00:23:35.029 (applause) 00:23:35.029 --> 00:23:39.083 Now, I realize that some of you have a different theory on how 00:23:39.083 --> 00:23:42.029 to grow the economy. 00:23:42.029 --> 00:23:45.009 Some of you sincerely believe that the only solution to our 00:23:45.009 --> 00:23:49.016 economic challenges is to simply cut most government spending and 00:23:49.016 --> 00:23:51.009 eliminate most government regulations. 00:23:51.009 --> 00:24:03.020 (applause) 00:24:03.020 --> 00:24:06.066 Well, I agree that we can't afford wasteful spending, 00:24:06.066 --> 00:24:11.076 and I'll work with you, with Congress, to root it out. 00:24:11.076 --> 00:24:15.003 And I agree that there are some rules and regulations that do 00:24:15.003 --> 00:24:17.090 put an unnecessary burden on businesses at a time when they 00:24:17.090 --> 00:24:18.093 can least afford it. 00:24:18.093 --> 00:24:24.040 (applause) 00:24:24.040 --> 00:24:28.016 That's why I ordered a review of all government regulations. 00:24:28.016 --> 00:24:31.000 So far, we've identified over 500 reforms, 00:24:31.000 --> 00:24:34.040 which will save billions of dollars over the next few years. 00:24:34.040 --> 00:24:34.090 (applause) 00:24:34.090 --> 00:24:39.023 We should have no more regulation than the health, 00:24:39.023 --> 00:24:42.020 safety and security of the American people require. 00:24:42.020 --> 00:24:44.059 Every rule should meet that common-sense test. 00:24:44.059 --> 00:24:50.063 (applause) 00:24:50.063 --> 00:24:56.029 But what we can't do -- what I will not do -- is let this 00:24:56.029 --> 00:25:00.013 economic crisis be used as an excuse to wipe out the basic 00:25:00.013 --> 00:25:03.036 protections that Americans have counted on for decades. 00:25:03.036 --> 00:25:15.046 (applause) 00:25:15.046 --> 00:25:19.009 I reject the idea that we need to ask people to choose between 00:25:19.009 --> 00:25:21.050 their jobs and their safety. 00:25:21.050 --> 00:25:24.066 I reject the argument that says for the economy to grow, 00:25:24.066 --> 00:25:27.016 we have to roll back protections that ban hidden fees by credit 00:25:27.016 --> 00:25:30.029 card companies, or rules that keep our kids from being exposed 00:25:30.029 --> 00:25:33.026 to mercury, or laws that prevent the health insurance industry 00:25:33.026 --> 00:25:35.086 from shortchanging patients. 00:25:35.086 --> 00:25:38.000 I reject the idea that we have to strip away collective 00:25:38.000 --> 00:25:40.029 bargaining rights to compete in a global economy. 00:25:40.029 --> 00:25:55.020 (applause) 00:25:55.020 --> 00:25:57.093 We shouldn't be in a race to the bottom, 00:25:57.093 --> 00:26:00.056 where we try to offer the cheapest labor and the worst 00:26:00.056 --> 00:26:02.073 pollution standards. 00:26:02.073 --> 00:26:04.079 America should be in a race to the top. 00:26:04.079 --> 00:26:06.043 And I believe we can win that race. 00:26:06.043 --> 00:26:16.033 (applause) 00:26:16.033 --> 00:26:18.053 In fact, this larger notion that the only thing we can 00:26:18.053 --> 00:26:20.093 do to restore prosperity is just dismantle government, 00:26:20.093 --> 00:26:24.003 refund everybody's money, and let everyone write their own 00:26:24.003 --> 00:26:27.029 rules, and tell everyone they're on their own -- 00:26:27.029 --> 00:26:30.026 that's not who we are. 00:26:30.026 --> 00:26:33.059 That's not the story of America. 00:26:33.059 --> 00:26:36.086 Yes, we are rugged individualists. 00:26:36.086 --> 00:26:39.056 Yes, we are strong and self-reliant. 00:26:39.056 --> 00:26:42.033 And it has been the drive and initiative of our workers and 00:26:42.033 --> 00:26:45.053 entrepreneurs that has made this economy the engine and the envy 00:26:45.053 --> 00:26:47.029 of the world. 00:26:47.029 --> 00:26:50.009 But there's always been another thread running throughout our 00:26:50.009 --> 00:26:53.086 history -- a belief that we're all connected, 00:26:53.086 --> 00:26:56.079 and that there are some things we can only do together, 00:26:56.079 --> 00:26:58.053 as a nation. 00:26:58.053 --> 00:27:01.006 We all remember Abraham Lincoln as the leader who 00:27:01.006 --> 00:27:03.016 saved our Union. 00:27:03.016 --> 00:27:06.026 Founder of the Republican Party. 00:27:06.026 --> 00:27:08.090 But in the middle of a civil war, 00:27:08.090 --> 00:27:13.023 he was also a leader who looked to the future -- a Republican 00:27:13.023 --> 00:27:15.050 President who mobilized government to build the 00:27:15.050 --> 00:27:16.073 Transcontinental Railroad -- 00:27:16.073 --> 00:27:17.063 (applause) 00:27:17.063 --> 00:27:20.000 -- launch the National Academy of Sciences, 00:27:20.000 --> 00:27:22.003 set up the first land grant colleges. 00:27:22.003 --> 00:27:23.033 (applause) 00:27:23.033 --> 00:27:29.006 And leaders of both parties have followed the example he set. 00:27:29.006 --> 00:27:32.046 Ask yourselves -- where would we be right now if the people who 00:27:32.046 --> 00:27:36.003 sat here before us decided not to build our highways, 00:27:36.003 --> 00:27:40.006 not to build our bridges, our dams, our airports? 00:27:40.006 --> 00:27:43.009 What would this country be like if we had chosen not to spend 00:27:43.009 --> 00:27:48.009 money on public high schools, or research universities, 00:27:48.009 --> 00:27:51.006 or community colleges? 00:27:51.006 --> 00:27:53.073 Millions of returning heroes, including my grandfather, 00:27:53.073 --> 00:27:56.083 had the opportunity to go to school because of the G.I. Bill. 00:27:56.083 --> 00:27:59.020 Where would we be if they hadn't had that chance? 00:27:59.020 --> 00:28:16.000 (applause) 00:28:16.000 --> 00:28:19.079 How many jobs would it have cost us if past Congresses decided 00:28:19.079 --> 00:28:22.009 not to support the basic research that led to the 00:28:22.009 --> 00:28:24.083 Internet and the computer chip? 00:28:24.083 --> 00:28:28.043 What kind of country would this be if this chamber had voted 00:28:28.043 --> 00:28:32.016 down Social Security or Medicare just because it violated some 00:28:32.016 --> 00:28:35.023 rigid idea about what government could or could not do? 00:28:35.023 --> 00:28:35.093 (applause) 00:28:35.093 --> 00:28:41.009 How many Americans would have suffered as a result? 00:28:41.009 --> 00:28:44.076 No single individual built America on their own. 00:28:44.076 --> 00:28:47.063 We built it together. 00:28:47.063 --> 00:28:52.016 We have been, and always will be, one nation, under God, 00:28:52.016 --> 00:28:54.083 indivisible, with liberty and justice for all; 00:28:54.083 --> 00:28:58.066 a nation with responsibilities to ourselves and with 00:28:58.066 --> 00:29:00.083 responsibilities to one another. 00:29:00.083 --> 00:29:03.006 And members of Congress, it is time for us to meet 00:29:03.006 --> 00:29:04.053 our responsibilities. 00:29:04.053 --> 00:29:25.050 (applause) 00:29:25.050 --> 00:29:28.026 Every proposal I've laid out tonight is the kind that's 00:29:28.026 --> 00:29:32.076 been supported by Democrats and Republicans in the past. 00:29:32.076 --> 00:29:36.023 Every proposal I've laid out tonight will be paid for. 00:29:36.023 --> 00:29:39.059 And every proposal is designed to meet the urgent needs of our 00:29:39.059 --> 00:29:42.020 people and our communities. 00:29:42.020 --> 00:29:45.020 Now, I know there's been a lot of skepticism about whether the 00:29:45.020 --> 00:29:48.009 politics of the moment will allow us to pass this jobs 00:29:48.009 --> 00:29:51.046 plan -- or any jobs plan. 00:29:51.046 --> 00:29:54.040 Already, we're seeing the same old press releases and tweets 00:29:54.040 --> 00:29:56.076 flying back and forth. 00:29:56.076 --> 00:29:59.000 Already, the media has proclaimed that it's impossible 00:29:59.000 --> 00:30:01.029 to bridge our differences. 00:30:01.029 --> 00:30:03.073 And maybe some of you have decided that those differences 00:30:03.073 --> 00:30:08.079 are so great that we can only resolve them at the ballot box. 00:30:08.079 --> 00:30:14.079 But know this: The next election is 14 months away. 00:30:14.079 --> 00:30:18.073 And the people who sent us here -- the people who hired us to 00:30:18.073 --> 00:30:23.056 work for them -- they don't have the luxury of waiting 14 months. 00:30:23.056 --> 00:30:45.040 (applause) 00:30:45.040 --> 00:30:49.063 Some of them are living week to week, paycheck to paycheck, 00:30:49.063 --> 00:30:51.000 even day to day. 00:30:51.000 --> 00:30:54.076 They need help, and they need it now. 00:30:54.076 --> 00:30:59.003 I don't pretend that this plan will solve all our problems. 00:30:59.003 --> 00:31:01.029 It should not be, nor will it be, 00:31:01.029 --> 00:31:04.050 the last plan of action we propose. 00:31:04.050 --> 00:31:07.050 What's guided us from the start of this crisis hasn't been the 00:31:07.050 --> 00:31:09.070 search for a silver bullet. 00:31:09.070 --> 00:31:13.000 It's been a commitment to stay at it -- to be persistent -- 00:31:13.000 --> 00:31:15.090 to keep trying every new idea that works, 00:31:15.090 --> 00:31:17.059 and listen to every good proposal, 00:31:17.059 --> 00:31:21.016 no matter which party comes up with it. 00:31:21.016 --> 00:31:24.026 Regardless of the arguments we've had in the past, 00:31:24.026 --> 00:31:27.009 regardless of the arguments we will have in the future, 00:31:27.009 --> 00:31:29.079 this plan is the right thing to do right now. 00:31:29.079 --> 00:31:30.096 You should pass it. 00:31:30.096 --> 00:31:33.070 And I intend to take that message to every corner 00:31:33.070 --> 00:31:34.053 of this country. 00:31:34.053 --> 00:31:46.013 (applause) 00:31:46.013 --> 00:31:50.090 And I ask -- I ask every American who agrees to lift 00:31:50.090 --> 00:31:56.003 your voice: Tell the people who are gathered here tonight that 00:31:56.003 --> 00:31:57.086 you want action now. 00:31:57.086 --> 00:32:01.013 Tell Washington that doing nothing is not an option. 00:32:01.013 --> 00:32:04.033 Remind us that if we act as one nation and one people, 00:32:04.033 --> 00:32:08.023 we have it within our power to meet this challenge. 00:32:08.023 --> 00:32:12.009 President Kennedy once said, "Our problems are man-made -- 00:32:12.009 --> 00:32:14.036 therefore they can be solved by man. 00:32:14.036 --> 00:32:18.040 And man can be as big as he wants." 00:32:18.040 --> 00:32:20.013 These are difficult years for our country. 00:32:20.013 --> 00:32:21.063 But we are Americans. 00:32:21.063 --> 00:32:23.076 We are tougher than the times we live in, 00:32:23.076 --> 00:32:26.043 and we are bigger than our politics have been. 00:32:26.043 --> 00:32:28.020 So let's meet the moment. 00:32:28.020 --> 00:32:31.066 Let's get to work, and let's show the world once again why 00:32:31.066 --> 00:32:33.016 the United States of America remains the 00:32:33.016 --> 00:32:34.033 greatest nation on Earth. 00:32:34.033 --> 00:32:34.066 (applause) 00:32:34.066 --> 00:32:36.003 Thank you very much. 00:32:36.003 --> 00:32:39.076 God bless you, and God bless the United States of America. 00:32:39.076 --> 99:59:59.999 (applause)